All Forum Posts by: Justin Golden

@Nick Belsky

This is incredibly detailed information you are providing. Thank you for that!

I will admit that I will need to look further into bank statement loans to truly grasp the concept.

One thing to note is that my wife’s pay is a steady paycheck every month. She works for a company outside of the US, which to the IRS is considered the same as self-employed, from my understanding. With that being said, are there plenty of lenders out there that would accept her full salary under this type of loan? I’m having difficulty understanding what/how they deduct from that income.

Thank you!

@Patrick Drury

Could you explain a little more on the DSCR program?

Thanks!

@Bruce Woodruff

Wow. So that significantly reduces your purchasing power. That’s unfortunate to hear.

Thank you for the info, though.

@Allen Collins

Wow. Interesting!

So they factored in your write offs and basically that reduced what your qualifying income is?

Hopefully I’m understanding that correctly.

@Bruce Woodruff

Interesting.

I’ve never really heard of a bank statement loan.

When you say 50% of the bank statement, what do you mean?

Could you elaborate further, please?

Thanks!

@Kevin Woodard

Thank you for the support!

We are looking a buy & hold. My goal is to purchase the property, live in it for a year or so, then rent it out.

@Dustin Rosenberg

We are able to prove consistent income for my wife, but not myself of course.

We have plenty of money saved up that can easily afford a down payment.

Do most conventional lenders do this type of loan?

Good afternoon!

I just recently separated from the military and my wife and I will be moving to Washington, D.C.

I will be starting a business and my wife makes self employment income as well. Obviously this does not look good to a conventional lender, so I am looking for any advice on how to get home loans for properties. Any advice helps!

Thank you!